Oragenics signed a non-binding LOI with Sigyn Therapeutics to exclusively license CardioDialysis™ technology for TBI and neurodegenerative diseases, issuing 3.25M convertible preferred shares and 3% royalties.
Key takeaways
Signed LOI for exclusive license of CardioDialysis™ from Sigyn for TBI and chronic neurodegenerative diseases.
Consideration: 3,250,000 shares of restricted preferred stock convertible 1:1 into common stock, subject to approvals.
Royalty: 3% on revenue for 6 years from first commercial sale per indication/country.
Target closing: 90 days from LOI effective date, subject to due diligence, board approvals, valuation, and NYSE compliance.
Complements ONP-002 by targeting systemic inflammation outside blood-brain barrier for TBI.
Sigyn granted exclusivity for target markets during LOI period.